SINGAPORE — The Ministry of Law on Monday announced a slew of stronger measures to stem moneylending activities targeting foreigners working and living in Singapore, including a further cut in the cap of loans to them.
“With the existing cap on borrowing cost at 100 per cent of the loan principal, this ensures that the maximum repayable amount is kept to a more manageable $1,000 at any one point,” said MinLaw in a press release on Monday. 53,000 foreign borrowers took up loans from licensed moneylenders in the first half of this year, compared with 55,000 last year, 19,000 in 2017, and 7,500 in 2016.
Each licensed moneylender, inclusive of its existing loan book, will not be allowed to lend to more than 300 foreigners or extend more than $150,000 in outstanding loan principal to foreigners at any one point in time. Ban on targeted ads, referral of borrowersLicensed moneylenders will also no longer be allowed to display advertisements such as “Domestic Helpers Are Welcome”.
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